CROSS-BORDER MERGERS AND ACQUISITIONS: MARKET CHARACTERISTICS ECONOMIC-FINANCIAL PERFORMANCE

The present research aims to analyze the effect that market characteristics cause in the economic-financial performance of companies involved in cross-border mergers and acquisitions processes. In order to conduct the aforementioned, the researchers chose to use the regression model with panel data by fixed and random effects. Despite the fact that certain works in the literature state that market development have impact in the creation of value by acquiring companies, the results obtained in this research refute the hypothesis that, in developed markets, the cross-border M&As processes are positively associated whit the performance obtained after the merger was concluded.